IRB Infrastructure Developers on Friday (November 24) announced that its affiliate, IRB Lalitpur Tollway, has entered into a concession agreement with the NHAI for tolling, operations, and maintenance of the Lalitpur-Lakhnadon stretch on NH44 in Madhya Pradesh.
According to the statement, the project entails an upfront payment of Rs 4,428 crore to NHAI for tolling and O&M services over a 316 km stretch of NH44, with a revenue-linked concession period of 20 years.
All about IRB Infrastructure’s latest project
The execution of the project is being handled by IRB Infrastructure Trust (Private InvIT), as mentioned in the statement. The company has taken a significant step toward achieving financial closure for the project, marking its second concession agreement for a toll-operate-transfer (TOT) project within a span of six months.
Virendra D Mhaiskar, Chairman and Managing Director of IRB Infrastructure Developers, expressed anticipation in providing a world-class travel and project management experience for commuters and other stakeholders involved in the project.
“We look forward to bringing World Class travel and project management experience for commuters and other stakeholders of the project,” Mhaiskar said.